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Companies With Backdating Troubles Are Paying Astronomical Legal Fees
Perhaps no corporate scandal of recent years has created such wide-ranging troubles as the stock option backdating mess. Even if companies clean house, the disgraced executives can and do insist that their former employers keep paying their high-priced lawyers, thanks to indemnification contracts. According to securities filings, Mercury Interactive has spent $72 million on legal fees, KLA-Tencor has spent $36.8 million and Monster has shelled out $32 million. For Brocade, fees could reach $100 million.